UPRC Chief Executive, Gbenga Komolafe, disclosed this at the 2025 Conference of the Nigeria Association of Energy Correspondents (NAEC) held in Lagos on Thursday.
According to Komolafe, President Bola Tinubu approved the downward review during the 2024 mini-bid round to attract new investors and allow them to channel more resources into field development.
“This single decision has strengthened investor confidence, encouraged early production, and reinforced Nigeria’s reputation as an open and competitive upstream jurisdiction,” Komolafe said.
He added that the Commission had also prioritised production optimisation and recovery enhancement by reviewing field development plans, supporting brownfield optimisation, and enabling the re-entry of shut-in wells — measures that have boosted activity across mature oil assets.
Komolafe explained that these interventions are expected to deliver incremental volumes exceeding one million barrels of oil per day, bringing Nigeria closer to achieving its 2.5 million barrels per day production target by 2027.
He noted that ensuring a sustainable rebound also requires secure infrastructure and reliable measurement systems. To that end, the NUPRC has worked with security agencies, private contractors, and community stakeholders to implement the Upstream Measurement Regulation and Advance Cargo Declaration Regulation — an effort that has resulted in a 90 percent reduction in crude oil theft, from 102,000 barrels per day in 2021 to just 9,600 barrels per day as of September 2025.
On community development, the Commission said it had inaugurated over 90 Host Community Development Trusts (HCDTs) across the Niger Delta under the Petroleum Industry Act (PIA). This initiative, Komolafe noted, ensures that development funds flow directly to host communities, fostering peace, stability, and sustained production.
He emphasised that the rebound in Nigeria’s upstream sector is the result of deliberate regulatory reforms anchored on transparency, inclusiveness, and efficiency, all aligned with the country’s broader economic and sustainability goals.
On gas development, Komolafe said Nigeria remains committed to advancing its “Decade of Gas” agenda as part of its energy transition pathway.
“Natural gas is Nigeria’s most reliable transition fuel — a catalyst for industrialisation, power generation, and clean energy growth. Through gas monetisation, flare elimination, and gas-based investments, we are strengthening Nigeria’s role in the global energy market,” he said.
Komolafe further noted that while renewable energy is growing globally, hydrocarbons will continue to play a central role in industrialisation, particularly for developing economies like Nigeria.
“As we look to the future, our goals are clear — to sustain the upstream rebound, achieve 2.5 million barrels per day by 2027, strengthen gas monetisation, safeguard energy infrastructure, and maintain transparency and accountability,” he concluded.
